Aegon will pay 220 million euro for purchase of 51 % of shares in two insurance companies which will create Santander
The Netherlands insurer Aegon NV will create partnership with Banco Santander SA which will allow it to expand sales of the products in Spain, informs MarketWatch.
The agreement between Aegon and Banco Santander is concluded for a period of 25 years. It will allow the Netherlands company to use a network of offices of bank for sale of the insurance products.
Within the limits of agreement Aegon will pay 220 million euro for purchase of 51 % of shares in two insurance companies which will create Santander. The Spanish bank will found the company in life insurance sphere, and also the organization which will be engaged in other kinds of insurance.
"Aegon it is attached to business development in Spain, - the main chief executive of the company Alex Vinandts has declared. - Thanks to partnership with Santander we expect to get access to more considerable number of the clients interested in preservation of long-term financial stability during this restless time".
Now Aegon works in Spain within the limits of several joint ventures with local savings banks. In June the company has declared that considers possibility of the termination of these partnership.
Banco Santander is the largest bank of Spain and has more than 4600 offices in the country.
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